Soybean Comment
Soybeans were mostly higher, with old crop contracts leading the way. Chinese demand is still the driving factor for old crop gains. China bought 225,000 metric tons of soybeans and 25,000 metric tons of soy oil last week. Index funds are reinvesting strong profits and putting the squeeze on elevators that are attempting to manage their risk of booking crops for producers. Be aware what goes up will come down – and probably faster than it went up.

Wheat
Cash bid for new crop at Memphis 850 to - - -;

Bids to farmers at Local Elevators

865-884;

River Elevators

857-885;

Chicago Futures:

Mar

down

96

at

1073

May

down

79

at

1086

Jul

down

57

at

1000

Sep

down

64 1/2

at

1008

Jul '09

down

10

at

970

Today's Arkansas LDP rate for wheat is:

0¢

Grain Sorghum
Cash bid for February at Memphis 930 to 957;

Bids to farmers at River Elevators

882-923;

Today's Arkansas LDP rate for sorghum is:

0¢

Corn

Cash bid for

February at Memphis
538 to 539;

new crop at Memphis
530 1/4 to - - -;

Bids to farmers at River Elevators

521 to 536

Chicago Futures:

Mar

up

2 3/4

at

546

May

up

1/4

at

556 1/2

Sep

down

3/4

at

565 1/4

Dec

down

3/4

at

564 3/4

Today's Arkansas LDP rate for corn is:

0¢

Grain Comment
Wheat futures posted sharp losses today as extreme volatility continues. Egypt bought French wheat in their weekly tender, which was a bit bearish for U.S. futures, but with supplies as tight as they are, any demand can be seen as supportive. This market is beginning to look as if a top has been put in, but any indication of crop problems before harvest could send the market higher again.

Cotton & Rice Date: February 29, 2008

Cotton

Spot Price, Grade 41 Staple 34:

Memphis up 253 at
7686

Greenwood up
253 at 7686

New York Futures:

Mar

up

153

at

7966

May

up

253

at

8186

Jul

up

243

at

8352

Dec

up

268

at

8745

Mar '09

up

226

at

8996

This week's LDP rate for cotton is

0 cents

The estimate for next week is

0 cents

Cotton Comment
Cotton exploded to the upside today after charting an outside day up yesterday. The market is apparently focusing on grain prices and the fight for acreage this spring. Last week’s USDA outlook conference set cotton plantings at 9.5 million acres. However, slowing demand and ample old-crop stocks could limit the upside. Today was the last day of pit trading for cotton futures. Monday marks the first day of entirely electronic trading.

Rice

Long Grain Cash Bid for

Feb/Mar

1420/cwt

to

- - -

- - -

- - -

to

- - -

Chicago Futures:

Mar

up

70

at

1800

May

up

45

at

1804 1/2

Jul

up

50

at

1834

Sep

up

16

at

1716

- - -

- - -

at

- - -

Today's Arkansas LDP rate for long grain rice is

0¢

medium grain rice is

0¢

Rice Comment
Rice moved to new highs again today—a nearly daily occurrence for the past few weeks. The global situation is unchanged as tight world stocks have pushed prices in Thailand and Vietnam to the $460-$500 per tonne range—price levels only seen twice in history. New crop supplies are becoming available but much of it has been sold. Thailand has virtually pulled out of the parboil market because of depleted supplies and India has set a minimum export price of $500/tonne, but they should be able to competitively re-enter the export market soon at current price levels.

Cattle & Hogs Date: February 29, 2008

Cattle
As reported by Federal-State Market News, receipts were 9,330 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold steady $2 higher .

Cattle Comment
Cattle futures were mixed with expiring February under pressure from its premium to cash prices. April was lower and has uptrending support near $93.85. Firm beef prices and optimism about spring beef demand were supportive.

HogsPeoria: were $.50 lower
at 34.5 to - - -

Chicago Futures:

Apr

down

130

at

5995

Jun

down

30

at

7635

Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -

Hogs Comment
Hogs turned lower on active fund selling and weakening fundamentals. April moved to a new contract low but June found support at yesterday’s low of $75.15.

Poultry Date: February 29, 2008

Eggs

New York:

Ex. Lg. 163-167; Lg. 161-165; Med. 140-144;

Chicago:

Ex. Lg. 147-155; Lg. 145-153; Med. 130-138;

Eastern Region Turkeys

Hens:

8-16 lbs.

77-79

Toms:

16-24 lbs.

77-79

Delmarva BroilersU.S. Grade ATrade sentiment was overall no better than steady. Supplies of all sizes were available to fully sufficient
for trade needs. In production areas, live supplies were moderate at mostly desirable weights.